Sovereign risk and secondary markets [PDF]
Conventional wisdom views the problem of sovereign risk as one of insufficient penalties. Foreign creditors can only be repaid if the government enforces foreign debts.
Jaume Ventura +2 more
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Non-default Component of Sovereign Emerging Market Yield Spreads and its Determinants: Evidence from Credit Default Swap Market [PDF]
This article shows that a sizable component of emerging market sovereign yield spreads is due to factors other than default risk, such as liquidity.
Kucuk, Ugur N.
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SOME ASPECTS CONCERNING SOVEREIGN DEBT AND THE RELATIVITY OF INDEBTEDNESS INDICATORS [PDF]
Annals of the University of Oradea: Economic Science, 2015 For quite a while, the economic world was concerned more and more about sovereign debt. Taking a brief look at economic history, we see that we are not dealing with anything new. Episodes in which states have entered into default occurred, even centuries
Deceanu Liviu-Daniel, Ciobanu Gheorghe
doaj
Limiting punishment for default on sovereign debt and the London Club. [PDF]
In this paper, we examine the role that institutions may play in enabling banks to write contracts whereby sovereign debt is not forgiven ex post. Our model provides a rationale for the emergence of a centralized forum for debt renegotiation, such as the
Van Hulle, Cynthia, Uppal, R
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Groningen Journal of International Law, 2015 In the aftermath of Argentina’s 2001 economic crisis, creditors not participating in the country sovereign debt restructuring insisted on full payment. The triplet of investment arbitration decisions upheld jurisdiction over the mass claims presented by ...
Josef Ostřanský
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Banking Regulation and Sovereign Default Risk: How Regulation Undermines Rules
European Journal of Risk RegulationThe global financial crisis exposed the sovereign-bank nexus as a driver of financial instability and an impediment to economic growth. Little attention has been paid to the interaction of banking regulation and public finance.
Oliver Hülsewig, Armin Steinbach
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Euro Area Scenarios and their Economic Consequences for Slovenia and Serbia [PDF]
Managing Global Transitions, 2013 Since 1999, divergences in international competitiveness led to an accumulation of current account deficits in the south and surpluses in the north of the euro area.
Klaus Weyerstrass +1 more
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What can EMU countries' sovereign bond spreads tell us about market perceptions of default probabilities during the recent financial crisis? [PDF]
This paper presents a new approach for analysing the recent development of EMU sovereign bond spreads. Based on a GARCH-in-mean model originally used in the exchange rate target zone literature, spreads are decomposed into a risk premium, an expected ...
Fischer, Christoph, Dötz, Niko
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Estimating Default Probabilities of Emerging Market Sovereigns: A New Look at a Not-So-New Literature [PDF]
The January 2001 proposal for a New Basel Capital Accord has renewed the interest in obtaining default probabilities for various types of borrowers. This paper uses a panel logit model to estimate default probabilities of 78 emerging market countries ...
Marcel Peter
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Debt Dilution and Maturity Structure of Sovereign Bonds [PDF]
We develop a dynamic model of sovereign default and renegotiation to study how expectations of default and debt restructuring in the near future affect the ex ante maturity structure of sovereign debts.
Ran Bi
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